Oracle reduces workforce to cut costs amid AI expansion
Shares of Oracle have plunged by almost 30% this year
Oracle began dismissing staff on Tuesday, as confirmed by two impacted employees and various social media updates.
The layoffs seem to have a global reach, although the complete scope is not yet clarified.
Numerous individuals shared on LinkedIn that they were affected by these dismissals.
A spokesperson for Oracle chose not to comment.
These layoffs are occurring as Oracle seeks to decrease expenses. Earlier this month, Oracle's top executives assured investors that its heavy investment in data centers shouldn't be a concern as the firm excels in cutting down costs.
In January, Business Insider disclosed that Oracle faced challenges in securing funds for Stargate, its massive $500 billion data center project alongside OpenAI.
In February, Oracle declared raising $50 billion to support its infrastructure expansion efforts.
Shares of Oracle have plunged by almost 30% this year. Concerns that AI might replace conventional software methods have motivated a widespread selling of software shares.
During a financial call earlier in March, Oracle's Chairman Larry Ellison played down such worries, assuring analysts that the alleged SaaSpocalypse would trouble other firms rather than his.